Ministry of Corporate Affairs has introduced Company Law Settlement Scheme 2014. This scheme provides for condoning delay in filing of annual documents (Annual Return and Financial Statements) on the MCA 21 electronic registry.
The Scheme, which will come into force from 15-8-2014 and remain in force till 15-10-2014, grants immunity from prosecution and allows for reduced additional fee of 25% of the actual additional fees payable for belated filing documents. As per General Circular No. 34/2014, dated 12-8-2014, this scheme would be available for belated filing of Forms 20B, 21A, 23AC, 23ACA, 23AC-XBRL, 23ACA-XBRL, 66 and 23B.